Late Thursday, Xyratex Ltd. reported an adjusted loss of 13 cents per share for its first quarter with revenue coming in at $195.6 million. Analysts polled by FactSet expected a loss of 18 cents per share on revenue of $177.3 million.

For the second quarter, the company anticipates between a loss of 15 cents per share to a profit of 9 cents per share. Revenue is expected in a range of $190 million to $220 million.

Wall Street predicts a loss of 13 cents per share on revenue of $202.7 million.

Ananda Baruah of Brean Capital said in a client note that the quarterly results were solid. The analyst said that its largest shareholder, Baker Street Capital Management LLC, now has two people on Xyratex's board and "seems to be taking a very thoughtful approach regarding what costs can be cut and what approach to take with investments."

With Baker Street on the board, Baruah says there's an effort taking place to see what value can come from operating the company, as well as selling it or going private. The analyst said that if Xyratex were to consider selling itself, offers would likely need to start at $14 per share, as Baker Street has said it feels the company is worth between $14 per share and $20 per share.